Shares of First Solar (NASDAQ: FSLR) have been steadily falling in recent months. First Solar is currently trading near $13.70, far removed from the $49 price shares saw in February.

After being beaten down to such a great extent, would it be wise for traders to consider a position in the name? Benzinga reached out to Raymond James' Pavel Molchanov.

Molchanov has a Market Perform rating on First Solar. Benzinga had spoken with Molchanov in the past, who had made cautious comments on First Solar earlier in the year. Still, he was surprised shares had fallen this far and regretted that he had no been bearish enough.

Molchanov pointed to First Solar's manufacturing margins. According to Raymond James' estimates, First Solar's margins have been steadily decreasing since 2008. Currently, Molchanov estimates that First Solar's manufacturing margins are only $0.04.

Still, Molchanov doesn't believe First Solar is heading to $0 anytime soon. Even though the market may have priced out First Solar's manufacturing business, the company has worked to make itself a project developer, has a decent contract backlog.

To be fair to First Solar, the entire industry has been suffering. The Market Vectors Solar Energy ETF (NYSE: KWT) reached a record low late last week.